Paytm created this insurance firm for investment of 950 crores, Vijay Shekhar Sharma re-appointed CEO

One97 Communications Ltd (OCL), owner of Paytm brand, India's leading mobile payments and financial services company, on Saturday said it has formed a joint venture general insurance company with a target to invest Rs 950 crore over a period of 10 years. Is. At the same time, Vijay Shekhar Sharma has once again been appointed as the CEO of Paytm for 5 years. 

The company said in a regulatory filing that the proposal to set up joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20. Initially, One97 Communications (OCL) will hold 49 per cent stake in PGIL, while the remaining 51 per cent will be held by VSS Holding Private Limited (VHPL), headed by Vijay Shekhar Sharma, managing director of OCL. Post the investment, Paytm will hold 74 per cent stake in PGIL, which will reduce VHPL's stake in the company to 26 per cent.

The company's Group CFO and Chairman Madhur Deora has been appointed to its board as a whole-time director for the next five years. Madhur Deora has been appointed as Whole Time Director and Chief Financial Officer of the Company till 19th May 2027.